Buyers frequently ask ‘what’s the best franchise opportunity?’, but the answer surprises them. Read on…
Don’t accept another’s opinion of the best franchise opportunity for you
Some franchise folks are flattered to think their opinion matters, but it makes no sense to suggest a franchise brand or a supposed ‘hot opportunity.’ That advice is a waste of time for everyone. Why? Because what a consultant thinks might be the best franchise opportunity has very little bearing on what might be right for another person.
The opinion of a franchise consultant, whether being paid a fee by a client for input, or a broker hoping to earn a commission, should be valued only as information. The only opinion that matters is that of the buyer. And that buyer should being asking the question of themselves AFTER objective due diligence is complete.
The role of the franchise consultant
A consultant can help with facts, figures, and if smart enough and insightful enough, with sorting out non-factual issues, but no consultant is capable of making a long-lasting, quality decision about another person’s franchise selection. It is far too intimate a matter, and it’s a decision that will impact the buyer’s life for years. There are far too many bad franchise purchases made and far too many unhappy franchisees.
The role of a consultant is to listen, hear the issues, think, reflect, and reach for the core of the problem. In a successful encounter the consultant helps clients see behind problems and find possible solutions. The important take away here is understanding clients must arrive at their own answers. The counselor cannot tell clients what to think or what to do or it would be a worthless exercise. Even if the counselor feels strongly about a solution or an outcome, giving instructions for change is meaningless. The client has to make the decisions.
Unfortunately there are hundreds of self proclaimed franchise consultants advertising free franchise consulting services. Google free franchise consulting and you’ll be overwhelmed. How do they earn money? By making a sale, of course. If you want a consultant to help you, hire one. Pay the fee and know that your best interests are first and foremost.
Anyone who claims the ability to choose the best franchise opportunity for another is a liar, a fool, or both. And to be perfectly clear, a consultant who is working for a commission is in the business of sales. Get the picture? The only consultant who can remain totally loyal to the client’s needs is one not working for a sales commission.
Only a Franchise Buyer can choose the best franchise opportunity
Here’s the bottom line for finding the best franchise opportunity. 1. Start by analyzing your interests, skills, personal goals, comfort zone and pocketbook. Find a book or career counseling or use The Focus Program for Emerging Entrepreneurs. You might also consider the help of a friend who is already doing well in business. 2. Learn the ropes of in-depth franchise due diligence. The buying a franchise section of this site offers good direction and insight.
The best franchise opportunity for the buyer is the one chosen only by the buyer after careful analysis. Only one person can identify their best franchise opportunity. That would be YOU.